By Admin 
Rupee vs dollar: The Indian rupee fell 29 paise to 87.95 against the dollar during early trade on Tuesday, which is the lowest level of rupee in the last 6 months. Forex traders believe that this pressure on the rupee can remain as well as this week, as the US has warned to impose high tariffs on India for buying oil from Russia.
In the Interbank Foreign Exchange Market, the rupee opened with a weak trend at 87.95 against the US dollar, which shows a decline of 29 paise compared to Monday’s 87.66.
Why the rupee declines?
The dollar index, which reflects the status of the US dollar against the six major currencies, rose 0.04 percent to 98.81. The domestic stock market also saw weakness, where the BSE Sensex fell by 200.40 points to 80,818.32 in early trade, while NSE Nifty fell 58.90 points to reach 24,663.80. International Brent crude fell 0.28 percent to $ 68.57 per barrel.
The impact of tariff on the stock market
According to the stock market data, foreign institutional investors (FII) were purely selling on Monday. He sold shares worth Rs 2,566.51 crore. Due to America’s warning, there was tension in the market. The US administration has accused India of buying a large amount of crude oil from Russia and selling it with profits.
India has reacted strongly to this. The Ministry of External Affairs said that India has been improperly targeted by the US and the European Union due to importing oil from Russia after the Ukraine struggle started. The ministry clarified that India started this oil imports because traditional supplies were diverted to Europe after the struggle. The statement also said that at that time the US itself encouraged India to do so for the stability of the global energy market. India’s purpose has always been to maintain the cost of energy for the consumers of the country.
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